Despite the landmark approval of the first spot Bitcoin exchange-traded funds (ETFs), corporate adoption and mainstream trust in the cryptocurrency industry remain nascent, according to Marc Degen, co-founder of Trust Square.

The introduction of spot Bitcoin ETFs was hailed as a pivotal moment for legitimizing the crypto sector by making Bitcoin products publicly tradable. However, Degen contends that corporate adoption is still in its infancy, describing it as "amateur league against the pros."

During his address at the Web3 Corporate Innovation Day, Degen pointed out the stark contrast in inflows between Bitcoin ETFs and traditional finance. He noted that while Bitcoin ETFs have garnered $60 to $70 billion in inflows year-to-date, all digital asset funds combined have seen about $100 billion in inflows. In comparison, JPMorgan alone attracted $489 billion in net new client inflows in 2023, underscoring the substantial gap between digital assets and traditional financial products.

According to data from Dune, U.S.-based spot Bitcoin ETFs have accumulated $58.4 billion in total onchain holdings since their launch. This amount, while significant in the crypto context, pales in comparison to traditional financial inflows.

The primary hurdle hindering digital asset adoption is the lack of mainstream trust in the crypto industry. A Pew Research Center study from 2023 revealed that approximately 75% of people familiar with crypto lack confidence in its reliability and safety.

Degen emphasized the role of corporations in building trust among mainstream users, arguing that only they can effectively address this trust deficit. He pointed out that new crypto adopters often favor corporate-backed centralized exchanges (CEXs) over decentralized exchanges (DEXs), evident from the substantial trading volume differences between the two types of platforms.

Recent trading data from Dune highlights this preference, showing that cumulative trading volume on DEXs totaled $3.86 billion over 24 hours, nearly five times less than the $17.6 billion traded on Binance, the largest CEX globally.

While Bitcoin ETFs have boosted institutional adoption to some extent, the full impact is obscured by factors such as significant outflows from Grayscale's Bitcoin Trust ETF (GBTC), which sold 18,207 BTC worth over $1.19 billion.

In conclusion, while Bitcoin ETFs mark a milestone in crypto market maturation, corporate engagement and mainstream trust remain pivotal for broader industry acceptance and growth.